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Many people get ready for retirement by depositing money into a monthly or annual savings plan. a. If 500 TL per month is deposited in

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Many people get ready for retirement by depositing money into a monthly or annual savings plan. a. If 500 TL per month is deposited in a bank account paying a 12% APR (annual percentage rate) compounded monthly, how much will be accumulated in the account after 30 years? b. If inflation is expected to average 0.5% per month into the foreseeable future, what is the real value of your savings in today's buying power? You can incorporate inflation into your calculations by thinking that your deposit amount is actually decreasing by 0.5% every month

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